Steady Improvement in U.S. and Canadian Drill Rigs

The Canadian rig count decreased by 1 to 167 rigs, with oil rigs up 1, gas rigs down 2, and miscellaneous rigs unchanged. This week’s count is up 66 rigs over levels one year ago, with oil rigs up 60, gas rigs up 6, and miscellaneous unchanged. See the second graph below for a history of active Canadian rig counts.

International rigs increased by 13 to 800 rigs for the month of October, an increase of 144 rigs from the same month one year ago. For a history of both the U.S. and Canadian rig count, visit the Rig Count page on the Steel Market Update website here.

For more in-depth information on the energy market, Steel Market Update publishes an “Energy Update” report each month covering oil and natural gas prices, detailed rig count data, and oil stock levels. Our most recent report was published on Nov. 15 for Premium members.

About the Rotary Rig Count

A rotary rig is one that rotates the drill pipe from the surface to either drill a new well or sidetrack an existing one. They are drilled to explore for, develop and produce oil or natural gas. The Baker Hughes Rotary Rig count includes only those rigs that are significant consumers of oilfield services and supplies.

The Baker Hughes North American Rotary Rig Count is a weekly census of the number of drilling rigs actively exploring for or developing oil or natural gas in the United States and Canada. Rigs considered active must be on location and drilling. They are considered active from the time they break ground until the time they reach their target depth.

The Baker Hughes International Rotary Rig Count is a monthly census of active drilling rigs exploring for or developing oil or natural gas outside of the United States and Canada. International rigs considered active must be drilling at least 15 days during the month. The Baker Hughes International Rotary Rig Count does not include rigs drilling in Russia or onshore China.

By Brett Linton, Brett@SteelMarketUpdate.com